Abstract: A signal transfer device measurement system and method of the present invention measures the signal transfer characteristics of a device under test (DUT) having an analog input port and either an analog output port or a digital output port. The measurement system and method comprise a stimulus waveform generator that produces a stimulus waveform. The stimulus waveform comprises a time sequence of pairs of narrow bandwidth, modulated signals. The stimulus waveform is applied to the input port of the DUT thereby producing an output response signal at the output port of the DUT. For a DUT with an analog output port, the measurement system and method further comprise an analog-to-digital converter (ADC) for digitizing the output response signal and producing digital data and a signal processor for processing the digital data thereby producing measured results.